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The Canadian dollar fell to a near three-week low against the US dollar on Monday before recovering much of the decline. The drop followed the spread of a new, more transmissible coronavirus strain in Britain, which prompted Canada and others to halt travel with the UK.
US crude futures settled 2.8% lower at $47.74 a barrel.
A risk-off move that pressures oil and the loonie, weakening commodity demand expectations and modestly supporting the US dollar. For feed buyers the effect on grain and meal prices is indirect.
theglobeandmail.comFergal SmithDec 21, 2020After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
